fbpx
Finance

Amazon Conducts $575 Million Funding Round in UK Food Delivery Firm Deliveroo

In an increasingly connected world that has been ushered in by a range of tech companies over the past decade and a half, food delivery has become one of the most important industries all over the world and in that regard; the United Kingdom is no different. The country’s most popular food delivery app is Deliveroo, and over the past few years, the company has grown at a breakneck pace. It is now comfortably one of the most important food delivery companies in the world, and as a matter of fact, it has also ventured into markets outside the UK. In fact, , last year, the company recorded revenue growth of a staggering 116%. However, the latest funding round is a particularly important one for the company since it is being led by e-commerce giant Amazon and that is the sort of endorsement that can take a company to a different level altogether in the blink of an eye.

Deliveroo is set to raise $575 in total funding in this round, and the bulk of it is going to be funded by Amazon. Other entities involved in this funding round are Greenoaks, Fidelity Management and T. Rowe Price. The company has expanded rapidly over the past few years and other than the UK, it also offers its services in Hong Kong, Australia, the United Arab Emirates and Germany. That being said, the UK remains its most important market. Following the announcement of the funding round, Deliveroo stated that the money is going to be used to expand the services of the company to a larger pool of consumers and that there is also going to be heavy spending on the engineering team. The founder and Chief Executive Officer of the company, Will Shu, said,

Amazon has been an inspiration to me personally and to the company, and we look forward to working with such a customer-obsessed organization. This is great news for the tech and restaurant sectors, and it will help to create jobs in all of the countries in which we operate.

Tags

Jodie Miller

Jodie Miller is experienced journalist. She holds double degree in journalism and communication. She joined our team as a content curator. She enjoys writing and curating contents related to finance and forex world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Event Information
Event Information
Back to top button
Close